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Tax Break on Sardine Imports Extended

Sustainability Economics Politics +4 more

BRAZIL - The Brazilian Foreign Trade Chamber (Camex), has decided to lower the tariff of the Import Tax on frozen sardines, in order to prevent an undersupply.

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The tax on frozen sardine imports has been lowered from 10 to two per cent for a 12-month period. The benefit applies to a maximum quota of 50,000 tonnes. The Camex had already issued a similar ruling in August, but it remained valid for a period of 180 days, reports Brazil-ArabNewsAgency.

From January to September, Brazil imported 34,660 tonnes of sardine, valued at US$ 30.5 million. In the same period of 2011 no imports took place. The measure is intended to ensure a supply during the period in which sardine fishing on the Brazilian coast is banned, according to the ministry.

Morocco is the leading supplier of sardines to the Brazilian market. From January to September the country shipped the equivalent of US$ 13.6 million in fisheries to Brazil, according to ministry figures. Oman ranks fourth among the top exporters to Brazil, having exported the equivalent of US$ 2.27 million during the same period. Other significant suppliers are Lithuania and Netherlands.